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that "fiscal cliff." >> rates have to rise and the republicans need to acknowledge that. that's the only way to get from here to there. >> from across the bay to around the world -- >> obviously, you know, we want a family, so, uhm, you know, we have to start thinking about that. >> -- the stories that matter on "eyewitness news this morning." >> your realtime captioner: linda marie macdonald captions by: caption colorado comments@captioncolorado.com >>> good morning, it's tuesday, december 4. i'm michelle griego. >> hi, everyone. i'm frank mallicoat. it is 6:32. a huge pot bust at a home in east san jose. this morning neighbors reported a burglary happening at a home on the 1300 block of sandalwood court. when police got there they found the front door open. they entered the home and discovered an elaborate grow house there. we have live pictures of the house here. in fact, officers say there was no furniture inside the home at all just about 300 pot plants with a street value of $125,000. and because of all the chemicals inside the home, they called the fire department. no word on who ow
if congress refuses to ask. we go over the fiscal cliff rates reset under bill clinton and you're negotiating a tax cut not a tax increase. other thing the way weight of public opinion since that level has moved strongly against republicans. look who the public says they're going to blame if we go over the cliff, it's republicans because they see them as having forced the issue last time around, been willing to do this this time around. one reason boehner is grumbly and nervous because he doesn't have any leverage. >> i want to point this out. this is interesting in terms of the smoke and mirrors how this will play out for the republicans. in the "wall street journal" they write obama's flexible on highest tax rates. white house's flexibility, described by bowls, confirmed by the administration officials, could envision tax rates -- tax rate increase from the current level but was less than clinton era levels. if the republicans can say, we cut taxes from where they were under clinton it gives them cover though rates may go up. a weird, if there is an act of kabuki theater that would be it, r
on capital, most regrettable. in a fiscal cliff free fall, tax rates on capital gains could rise to 24%. those dividends could increase to a whopping 44%. here now is former reagan economic adviser art laugher. how can you have capitalism without capital and why is there a war on capital, that includes cap gains, that includes dividends which will triple. it also includes the estate tax. why is there a war on capital? >> i have no idea, larry. i think it's just pure politics. but it's sort of lovely the words and looking them up. i understand that the french don't have a word for entrepreneur or laissez faire. [ laughter ] >> because they never use it. >> they never use it. economics is all about incentives. if you tax people who work, you pay people who don't work, don't be surprised if you find a lot of people not working. it's the rich issue here, which is just fascinating to me. if you tax rich people and give the money to poor people, you're going to get lots and lots of poor people and very few rich people. just look at what happened in britain two years ago when gordon brown rai
to avoid the fiscal cliff, which includes higher tax rates for the wealthy. house republicans are meeting with small business owners today as lawmakers are divided on how much they should compromise. we have the latest on the standoff in washington. >> good morning, guys. speaker of the house john boehner's new problem for the rest of this week is figuring out how to continue negotiations with the white house without losing his conservative base of support up on capitol hill. yesterday we saw senator jim demint go a little bit wobbly on the speaker of the house saying that the speaker had proposed an $800 billion tax increase that was going to damage the u.s. economy. now, interestingly enough, senator mitch mcconnell, the republican leader in the united states senate, said that he wasn't all that bothered by the republican house proposal. take a listen to what mcconnell said. >> i think it's important that the house republican leadership is trying to move the process forward. frankly, i had hoped we'd be accomplishing more in the real talks that are going on privately, but i can tell you
: for sure. and, of course, we know that once they go over the fiscal cliff and those that -- that cap cal gains rate goes back to the clinton era it will be a 20% rate anyway. one way or another it's going to up. that's all i am saying. nancy took cook, thank you so much from the national journal thank you for join is us inside the war room. coming up, the car room is is not in the prediction business but we hear there is good money in it. so we are going to jump in. our best guess on how this negotiation will play out right after the break. plus what would thomas jefferson do with the fiscal cliff? funny you should and s author john meechum's new biography on the founder father sheds new light on the man and his method and he, john meechum will join us in the war room. and later mitt romney finally got into the white house don't worry, though it was just for a bowl of chili. ititititititititititititititititititititititititititit before the sneeze, help protect with a spray. before the tissue, help defend with a wipe. before t
the fiscal cliff? >> absolutely. again, there's no prospect to an agreement that doesn't involve the rates going up on the top 2%. >> "the new york times" reports that senior republican leadership aides are contemplating a fall-back position on a fiscal deal. they could foresee taking up and passing legislation this month to extend the tax cuts for the middle class and then resume the bitter fight over spending and taxes as the nation approaches the next hard deadline. it's statutory borrowingç limi which could be reached in late january or february. speaking to a business roundtable, president obama responded to that idea this way. >> if congress in any way suggests that they're going to tie negotiations to debt ceiling votes and take us to the brink of default once again, as part of a budget negotiation, which by the way we have never done in our history until we did this it last year, i will not play that game. >> john boehner and house republican leadership met with small business owners today to talk about the fiscal cliff, raising tax rates on the richest americans for them is stil
insistence that key to the u.s. beginning to pay down its debt and avoid going over the fiscal cliff is raising tax rates on the wealthiest americans. >> we're going to have to see the rates on the top 2% go up, and we're not going to be able to get a deal without it. >> reporter: if republicans agree to do that, the president told bloomberg television, he'll agree to serious spending cuts. republicans have offered to raise taxes on higher incomes by $800 billion, not by raising tax rates, but by eliminating some deductions and loopholes. during last year's budget showdown, the president said he wanted to do exactly that. >> what we said was give us $1.2 trillion in additional revenues, which could be accomplished without hiking tax rates, but could simply be accomplished by eliminating loopholes, eliminating some deductions and engaging in a tax reform process that could have lowered rates generally while broadening the base. >> reporter: but now the president does not. he says it will not raise enough revenue. >> it's not me being stubborn. it's not me being partisan. it's just a m
, is that right? >> another day, another huge company beating up the dividend payout to beat the fiscal cliff and the higher tax rates on dividends, so, join safeway to over 170 companies, that's the latest number we've got from the wall street journal, but i bet you it's even higher than that, so they join wal-mart and weight watchers and ethan allen just to name a few. >> i should be keeping track, it was 173 a couple of days ago, i've got to believe it's pushing 200 by now. i'll he get a number. >> yeah. imus: thank you very much. by the way, the dow is up 14 points and that's where we have it this thursday morning. time is money, 30 seconds, here is what else we've got for you today. two states vote to make marijuana real including for recreational use. and tommy chong will join us, and you never know what he's going to say. concussions, they're a serious issue for the nfl and its players of course, but it's a violent sport, football. and injuries are almost bound to happen. we'll talk to a former player who now advises the union on the concussion issue. and we'll talk to a chiropractor w
as the president's in this respect. rough the biggest aspects of the fiscal cliff is the fact that tax rates are going to go up on all americans. the senate has passed a bill that would give the middle class 98% of the people their tax cut. it is done. it's in a package. it's sitting at our desk. and all that has to happen is for the house to take it up. the only reason they're not taking it up is they want millionaires and billionaires to get their taxes cut, too. and this was a big issue in the campaign, thomas. so why don't we, instead of throwing insults, why don't they just pick up and pass that part as their own republican, tom cole suggested, let's have some good faith here, and we'll hammer out the rest of it. >> so senator, one thing you say about show me the money, if we talk about the lack of structural changes that are out there for entitlements, nbc's first read makes that point about that saying that the white house is sending the message that if republicans want entitlement reform, they're the ones who have to propose it. so is the white house forcing republicans basically to
on the wealthy. you guys are willing to go off the fiscal cliff? >> it republicans are not willing to let rates go back up, and we think they should go back to the clinton levels, a the a time when the american economy was doing exceptionally well, then there will not be an agreement. >> while geithner was drawing a line in the sand, house speaker john boehner was busy trying to lift his jaw off the flar after geithner presented the president's debt reduction plans to him last week. >> i was just flabbergasted. i looked at him and said you can't be serious. i have just never seen anything like it. >> yes, indeed, it seems that republicans are not quite sure what to make of the president taking a harder line across the bargaining table. >> you know, the president's idea of a negotiation is roll over and do what i ask. >> i think we're going over the cliff. it's pretty clear to me they made a political calculation. the president's plan is just, quite frankly, a joke. >> i'm not sure about that, senator graham, but there will be plenty of time for jokes later this evening with every member of cong
people who call me, they're more worried about the fiscal cliff than about rates going up a couple of points. thomas rooney in your party, if there is truly entitlement reforms that's going to preserve social security and medicare for generations to come, it's going to be very difficult for me to oppose higher rates for the rich. what about that? >> and to mr. rooney's point, if in fact there were fundamental, significant reform of medicare, medicaid and social security so that we in fact save and strengthen and secure those programs, just like we did in our budget,those were included in the president's proposal, then that's something that we would talk about and very seriously consider because there's where we got to get. we got to get real solutions. the problem with the president's proposal is it's not a real solution, it's all politics. >> congressman tom price, thank you for coming on the program. >> we've been talking about the president's advantage right now. so, karl rove was not about to sit on the sidelines. his crossroads gps is running a spot today criticizing the presi
. >> the fiscal cliff deal, charles krauthammer is talking about it. he calls it quote insulting. >> it's not just a bad deal. what geithner offers on the street robert e. lee was offered easier terms and he lost the civil war. democrats won by 3 percent of the voeft and they did not hold the house. republicans won the house. this is not the condition of surrender but that's what the administration is asking the republicans. they are not only cuts there are increase in spending with a new stimulus. this is almost unheard of. what do they expect? they obviously expect they will cave on everything. i think they ought to simply walk away. the president is the president. he is the leader. they are remanning republicans explain all of the cuts they want to mac. we had that movie a year and a half ago where paul ryan presented a budget a serious real budget with real cuts, obama was supposed to give a speech in which he would respond with a counteroffer. he gave a speech we had ryan sitting in the front row. he called the ryan proposal unamerican offered nothing and read on a med scare in the next 18 mo
showdown could be actually allowing the deadline to pass and letting america go over the fiscal cliff. that would allow tax rates to rise on everybody. then congress could come back after the new year and cut taxes on everyone but the wealthy. nbc's mike viqueira has the story. >> reporter: administration optimism for a deal. but only if republicans give in on raising rates for the wealthy. >> you think we'll get a deal by the end of the year? >> i do. the only thing that stands in the way of a deal right now is if a group of republican members decide they're going to block the deal because they want to extend tax cuts. we can't afford for the wealthiest 2% of americans. >> reporter: john boehner dug in. no rate rises on anyone. >> the president's idea of a negotiation is roll over and do what i ask. >> reporter: the opening bid brought the gop leaders by geithner is a nonstarter. >> i was flabbergasted. i looked at him and said, you can't be serious. >> reporter: included in the offer, $1.6 trillion in new revenue, twice what was on the table in last year's failed grand bargain, and
have to leave it there. president obama says no deal on the fiscal cliff. >> how does raising tax rates on the rich help the poor. that is what i don't get. true free market capitalism helps everybody. a rising tide lifts all boats. i'm laugrry kudlow we will be right back. two years ago, the people of bp made a commitment to the gulf. bp has paid over twenty-three billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best tourism seasons in years. and bp's also committed to america. we support nearly 250,000 jobs and invest more here than anywhere else. we're working to fuel america for generations to come. our commitment has never been stronger. >> whow does taxing the rich hep the poor rise above poverty and get a job? let's talk to larry elder. he is the author of the great book, "dear father dear son". welcome back. how does taxing successful wealthy people help the poor get out of poverty. well for people who think like i think it doesn't make any sense. but understand something, that is not what
with the fiscal cliff crisis. opponents say they will not bulging. >> reporter: house republicans want big spending cuts but no tax rate increases. here is a picture of president barack obama answering questions on twitter about the fiscal cliff. he is promoting a reference to the estimated tax increase and middle income families would see if rates are not extended, the latest would extend tax cuts for everyone including americans and who the president wants to exclude. the white house says the proposal is too short on specifics. >> we can't guess what they are, they need to tell us and they look forward to the time when they are specific with the ways we have dealt with it. >> they don't like what republicans want to do to social security and more on that during my next update. reporting live, allison burns, ktvu channel 2 morning news. >>> 5:14 in florida, they have released a photo of george zimmerman, showing george zimmerman with a swollen nose and blood did i face. they responded and said it adds nothing new to the case. the volunteer watch man is charged with second-degree murder an
sorry, no way, are we going to raise rates on the wealthy, you guys are willing to go off the fiscal cliff? >> if republicans are not willing to let rates go back up, and we think they should go back to the clinton levels, a time when the economy was doing exceptionally well, then there will not be an agreement. >> let's go to the other side. republican house speaker john boehner also digging in, admitting that talks are going nowhere. speaker boehner also describing the moment when geithner first showed him the president's opening offer. >> i was flabbergasted. i looked at him, i said, "you can't be serious." i've just never seen anything like it. you know, we've got seven weeks between election day and the end of the year. and three of those weeks have been wasted with this nonsense. right now i would say we're nowhere, period. we're nowhere. we've put a serious offer on the table by putting revenues up there to try to get this question resolved. but the white house has responded with virtually nothing. they've actually asked for more revenue than they've been asking for the whole
the fiscal cliff? >> absolutely. there's no prospect to an agreement that doesn't involve the rates going up on the top 2% of the wealthy. >> orrin hatch called that one of the most stunning and irresponsible statements he's heard in some time. what does your gut tell you? do you support the obama administration's decision to go over the cliff? that does it for this edition of "news nation." thanks for hanging with us. i'm tamron hall. we'll see you tomorrow. "the cycle" is up next. o think medicare and... social security are just numbers in a budget. well, we worked hard for those benefits. we earned them. and if washington tries to cram decisions about the future... of these programs into a last minute budget deal... we'll all pay the price. aarp is fighting to protect seniors with responsible... solutions that strengthen medicare and... social security for generations to come. we can do better than a last minute deal... that would hurt all of us. and with my bankamericard cash rewards credit card, i love 'em even more. i earn 1% cash back everywhere, every time. 2% on groceries. 3% on gas
in their heels, and with no move to avoid the fiscal cliff, or to raise the debt ceiling which is currently at $16.4 trillion, now there's new concern about what could happen to our credit rating in the new year. each day toward the fiscal cliff is also another day closer to the country maxing out on its borrowing limits. president obama called it a dangerous lesson when he talked to business leaders today. >> the only thing that debt ceiling is good for as a weapon is to destroy your credit rating. >> reporter: he's worried republicans may refuse to raise the debt ceiling and risk defaulting on the country's loan. >> that is a bad strategy for america. it's a bad strategy for your businesses. and it is not a game that i will play. >> reporter: republicans are pushing back. >> he's the president, not the emperor. he does not have the power. >> reporter: fiscal cliff negotiations have been at a standstill since monday. not by raising rates on the rich as the president had insisted. >> we're not insisting on rates just out of spite, but rather because we need to raise a certain amount of reve
the nation fall off the fiscal cliff. >> republicans need to acknowledge reality here. rates have to go up. earlier in the presidency, obama warneded it could hurt the economy. >> the nation is no longer in recession. and american manufacturing contracted in november for the first time in three months. the president is concerned enough that he proposed tens of billions in new stimulus spending in the debt talks. >> what is the justification for raising taxes? >> the fact of the matter is that it's vitally important that we extent and the president's view make permanent tax cuts for 98% of the american people. >> the president would like to see it done tomorrow and would sign it right away. >> they will put for ending deduction and closing loopholes. >> republicans move a great deal. who was the first person after the election was the speaker who went down and provided the re-knew. >> they blasted the proposal to limit deductions to tell bloomberg television it's unrealistic. >> that means every hospital and university and non-for profit, the agency. across the country would find themselves
attempts to link the fiscal cliff budget negotiations to future increases in the nation's debt ceiling. "the new york times" reported republicans might accept higher tax rates on wealthier americans to avoid triggering tax hikes for everyone. in return, they'd demand greater spending cuts next year before raising the federal borrowing limit. >> if congress in any way suggests that they're going to tie negotiations to debt ceiling votes and take us to the brink of default once again as part of a budget negotiation, which, by the way, we have never done in our history until we did it last year, i will not play that game because we've got to... we've got to break that habit before it starts. >> reporter: the 2011 standoff between the president and republicans led the nation to the brink of national default. standard and poor's even lowered its rating on u.s. government bonds. now, the president has proposed he be given authority to raise the debt ceiling without congressional action. house republicans reject that idea. and they've called for raising revenue without rate hikes, plus major
to congress. january 1, 2013, new tax rates and rolls kick in. january 2, 2013, $110 billion in fiscal cliff spending cuts due to begin. march 27, 2013, funding of the federal government expires. august 1, 2013, white house's suggested deadline for resolving major changes to the tax code and entitlements. ron has this to say about the fiscal cliff -- let's hear from ray in philadelphia, a republican caller. caller: good morning. i think the republicans have to get out a better message. if we realize we ran out of money for all the programs we are having, what is going to happen in another 10 years? what happens is, these people earning more than $250,000, they worked from the age of 18 to move up the ladder and finally reached success. the pint the republicans have to make is it is time to lower taxes on middle-class families. it has reached a pinnacle. it is time to may be lower taxes on the middle-class. we have to cut spending because the economy is in such bad positicondition. democrats keep pointing out that 98% of businesses are less than $250,000. 98% of people working in those busine
got props. the clinton era rates which america will return to in january unless the fiscal cliff is resolved. it brought more revenues than at any point in the 1980s. thank you. [ applause ] >> grover! >> stephanie: norquist and maria commented this is a different environment than the 1990s. grover said we got four years of bad regulation, higher taxes. he wants to add more taxes to the tea party too. it will starve tea party i if obama pushes us over the cliff. [ screaming ] >> can't just wait for tea party three. >> probably about 150 billion. >> stephanie: that would be bad. okay. oh, let's see. phillip in durham disagrees with everything i say. about everything? >> ever! >> stephanie: hi, phillip. >> caller: hi, stephanie. look. appreciate the show. i think you have not been fair to the facts and let me just ask you from the -- what we're talking about -- >> stephanie: the facts are oversensitive in my opinion. >> caller: that's why you're better as a comedian than a political pundit. >> stephanie:
on the fiscal cliff negotiations. >> increasing tax rates draws money away from our economy that needs to be invested in our economy to put the american people back to work. it's a wrong approach. >> stephanie: which one was that? >> that was six. >> stephanie: okay. no, i wanted 8. >> the white house spends three weeks trying to develop a proposal and they send one up here that calls for $1.6 trillion in new taxes. calls for a little -- not even $400 billion in cuts and they want to have this extra spending that's actually greater than the amount they're willing to cut. it was not a serious proposal. >> not serious. >> so right now we're almost nowhere. >> stephanie: here's the reason why we're almost nowhere. [ ♪ "world news tonight" ♪ ] boehner declines to name certain entitlement cuts. asked what specific cuts over the fiscal cliff he pointed reporters to previous budgets declining to name further -- >> stuff. >> stephanie: then he said there is a stalemate because -- >> stalemate. do not put anything on the
a line in the sand, he says there isn't a deal on the fiscal cliff unless you raise tax rates on the rich, very important, tax rates on the rich. what do you make of that? >> well, first of all, in some ways, you have to say that the big spending, big government liberals are winning this debate, because they have reframed the entire discussion about revenues. listen, washington has a spending problem, and as long as we kind of misdirect this discussion and we only talk about taxes, then we never discuss any meaningful reform in entitlements. we never discuss spending. so from this standpoint, the left is absolutely winning this argument, because that's what you and i are talking about right now, tax revenue. there is not a revenue story. -- this is not a revenue story. it is a spending story. >> thank you, you are right sir, yet again. thank you very much indeed. let's bring in kirsten powers. she joins us from washington. kirsten, welcome to the program. i don't think you have been on before, have you? >> good morning, i don't think so. though i've always wanted to be invited. stuart: ok
to that, is the administration prepared to go over the fiscal cliff. >> oh, absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthy -- remember, it's only 2%. >> so the white house is eliminating the republicans' house cards. house speaker john boehner was left pretending that the democrats had not offered them a deal. >> now we need a response from the white house. we can't sit here and negotiate with ourselves. >> house republican leader eric cantor also seemed to forget that the white house presented a specific plan in these negotiations. >> where are the specifics? where are the discussions? nothing is going on. meanwhile, the people of this country are the ones that suffer. so we ask the president, sit down with us, be serious about the specifics of spending so we can stop the wasteful spending in washington and finally address the problem. >> john boehner appears to have the same form of anesthesia mitt romney was suffering from on the campaign trail. he tells supporters, if our offer is not acceptable to the
over the fiscal cliff, he wants all of the tax rates to go up, he needs that revenue, and more important we know he is not going to get blamed. the madial protect him -- media will protect him. the other thing, this president, for a long time has talked about a balanced approach to deficit reduction, we assumed revenue on the table and spending cuts, but only conversation we're having is tax increases, there is no conversation about spending cuts. >> in january 2010, said he wanted to tap into entitlement reform, we have to look at entitlement. neil: steve quickly, one thing you are not looking at on the timeline, you think that markets will not have a voice in what happens, i saw, always, stay tuned. >> we'll see. lou: right, steve murphy thank you. and. >> thank you. lou: mont monica rowley, what e bleepp >> i know. for your comments. republicans seem to be folding like cheap suits in the fiscal negotiations. it just seems that way, doesn't it it does however seem that w way. ja
we could do is go over the fiscal cliff. we have the same tax rates that we have when bill clinton was president. significant cuts in defense and also significant human services can you tell us. >> katie, let me ask you, before you respond to what governor dean is saying. there is logic to what howard dean is saying. i don't happen to agree with it. but i know where he's coming from. katie, let me ask you this -- katie can't hear me. we'll wait for her to get back hooked in. howard, what about the notion that i'm posing tonight -- i've said this a few times -- republicans better be careful. they're not going down your road and the democrats aren't going down your road. you have middle class tax cuts for the democrats and it sometimes sounds to me as an old reagan conservative that the republicans better watch themselves because sometimes it sounds like they are kind of defending rich people. that's their whole mantra, just defending rich people. and i think that's not where they should be. >> i would agree. if i were politically advising the republicans, which i'm certainly not, i
demand for tax rate hikes for top income earners. >> is the administration prepared to go over the fiscal cliff? >> absolutely. there's no prospect for an agreement that doesn't involve those rates going up on the top 2% of the wealthiest americans. it's only 2%. >> reporter: republicans insist they can get the revenue from reforming the tax code without increasing tax rates. >> the revenues put on the table are going to come from guess who? the rich. >> reporter: but the president says that won't work. >> it is not possible for us to raise the apartment
. the president yesterday on the fiscal cliff. >> obama: let's allow higher rates to go up for the top 2% that includes all of you guests but not in anyway that is going to affect your spending, your lifestyles or the economy in any significant way. let's make sure that 98% of americans don't see a single dime in tax increases next year. 97% of small businesses don't see a single dime of tax increases next year and by doing that alone we raise almost a trillion dollars. [♪ "world news tonight" theme ♪] >> stephanie: associated press says the white house is signalling president obama is willing to let the country go over the cliff. this is a choice of the republican party if they are willing to do higher rates on the country, there is a lot to talk about, if they are not, they will push us over the cliff. tim geithner said there is no prospect in an agreement that doesn't include the tax rate going up on the top 2% of americans. he said we are not prepared to have the american economy held hostage to periodic threats. >> there you go. >> stephanie: and he point
was that the majority of americans agreed with president obama's vision of one of the ways to fix the fiscal cliff had to be to put new revenues and raise the tax rates of the wealthiest americans. [ ♪ music ♪ ] >> cenk: so taking this case to the american people fighting strong, making his own case which he we've been asking him to do for four straight years. my reaction was this. >> flabbergasted. [ laughing ] >> cenk: what's your reaction. >> slightly flabbergasted because this is not how the president has worked before. he ran with a grassroots in 2008. we tried to recreate that, talked about the ground game in the campaign in 2012. he's taking a grassroots campaign to politics, which is what progressives have been begging him to do now for a while. it seems to be working. all the hash tags and all the my 2 k has tags has gotten up to 13,000 tweets per hour. not every one of them is, hey great idea, mr. president. a lot of them are coming from people who are conservatives saying whatever it is that they're saying. the point is he's in touch with the people. he's not living in a cocoon like he
in the fiscal cliff debate. tax rates spike and spending slashed. congress is breaking for the holidays in two weeks. it could send the economy spinning in directions. $1.6 trillion in tax hikes. he will travel to pennsylvania to sell it to you. republicans aren't buying it. listen to house speaker, john boehner. >> despite the claims the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. >> democrats are firing right back at boehner. harry reid getting a little personal. >> i don't understand his brain, so you should ask him. okay? >> ouch. athena jones live from washington. same old same old. where do we go from here? >> that's the big question. the nice talk after the election is pretty much gone away. you mentioned one of the big sticking points, that's taxes. republicans and democrats can't agree on how to raise the tax revenue? end the bush tax cuts for the wealthy, close the loopholes, raise the capital gains taxes or all of the above. right now, they can't agree on how much money should be raised on the revenue side. let's listen to
that if the nation goes over the fiscal cliff californians will beat out new yorkers for the potential highest tax rate at 52%. >>> forbes is out with its 2012 most powerful people lest. president obama held onto the top spot for the second straight year. the pope climbed two notches from last year and landed in fifth place. facebook ceo mark zuckerberg tumbled from the top ten all the way to number 25. former president bill clinton held on to last year's ranking at number 50. tonight on rock center watch brian williams sit down with apple ceo, tim cook, number 35 on the forbes list by the way. >>> finally, this is no joke. though it began as one on facebook, pizza hut in canada has sent more than 100 bottles of pizza scented perfume to facebook fans. the fragrance boasts top notes of freshly baked hand tossed dough. pepper reason ri? >> new york mayor cory booker lives on food stamps. >>> the nfl steps up with $1 million for jovan belcher's daughter. >>> high res images from space. it allows images of city lights, gas flares, aur rar ras, to be seen by the naked eye. >>> stories making news acros
combination of tax rate increases and spending cuts now known as the fiscal cliff. >> jon: oh, yeah, that, that was-- (laughter) ladies and gentlemen, the fiscal-- cliff. >> it's the subject of tonight's cliffpocalypsema get-- mageddonocaust, our nation's solvable budget problem. (laughter) (cheers and applause) >> jon: i actually hurt my shoulder just there. it's like i'm 50. so we're now just a little more than a month away from going over the fiscal cliff which is, of course, as we all, what is the fiscal cliff again? >> a toxic combination of spending cuts and tax increases that kicks in at the beginning of next year. >> on january 1s its bush tax cuts will eck prior within the alternative minimum continuation would quick in, hiking taxes for more than half married couples with two children. the payroll tax cut was also expire. >> emergency unemployment benefits end, and 984 billion dollars in the automatic cuts in both defense and domestic budgets are triggered. >> it very likely that we're all going die. >> jon: why did they put that last provision in. see, here is what happened. tw
a fiscal cliff. at that rate, talks are going slow. the u.s. seems poised to go over the edge. wendell goler live at the white house. okay, does everyone have like the calendar in front of them realizing what the date actually is? >> it's a high stakes poker game. each side waiting for the other to show its cards. the white house demanding republicans say how much they're willing to raise taxes and republicans demanding the white house list the spending cuts. democrats are willing to accept. there is, as you say, less than month before the deadline and realistically, there may be less time than that given the need for congress to actually write legislation. house speaker john boehner said on fox news sunday, right now they've got nothing to start with. >> i would say we're nowhere, period. we're nowhere. we've put a serious offer on the table by putting revenues up there to try to get this question resolved. but the white house has responded with virtually nothing. they've actually asked for more revenue than they've been asking for the whole entire time. >> the president campaigned on
thing if there when of the fiscal cliff. it is a disaster. the rating agencies said they would downgrade credit. and the people are not going to be. >> the last time i recall a downgrade the result was a rally in the bond market and about a ten. move over the short term in the equities market. >> yes. lou: so was talking with a fellow the other night, measure of success in his career making decisions on equities and companies. he says he thinks the fiscal cliff is so overstated as to be insured. >> without a question in the minority of those i know. >> on the tax side of it is overstated. there is no question. a little the taxes they are talking about. no one likes to pay more taxes, but the effect on the market, the things that are being proposed would be overstated. i don't think a downgrading by the credit agencies is factored into people's thinking. so that part of it, if they do something that makes the credit agencies, all of them in unison downgrade as to something below, think about this, that is not a good thing. that disturbs the markets. lou: so and other smart people watched,
to the country's credit rating in the new year. each day toward the fiscal cliff is also another day closer to the country maxing out on its borrowing limit. president obama talked to business leaders today. >> the only thing that the debt ceiling is good for as a weapon is to destroy your credit rating. >> reporter: he's worried republicans may re newsto raise the country's debt ceiling to get their way on spending cuts and risk defaulting on the country's loans. >> that is a bad strategy for america. it's a bad strategy for your businesses. and it is not a game that i will play. >> reporter: republicans are pushing back. >> he's the president, not the emperorer. >> reporter: fiscal cliff negotiations have been at a stand still since monday when republicans proposed raising revenue by closing tax loopholes, not by raising rates on the rich as the president has insisted. >> we're not insisting rates just out of spite, but rather because we need to raise a certain amount of revenue. >> we can't just keep borrowing money, raising taxes, and expecting the problem to go away. >> reporter: house
not agree to some higher tax rates for the wealthy, the nation will go over the fiscal cliff, and the american people will hold them responsible. democrats also take issue with the proposal's spending cuts to medicare and social security. republican counter that tough cuts are needed to tackle the soaring debt, leaving washington locked in a stalemate, less than a month before every american sees their taxes shoot up. the gridlock has irritated people outside washington, like deborah page of arlington, texas. >> if i was working the way the president and congress was working, i would probably lose my job. >> reporter: page started a petition that would cease paychecks and health benefits for all members of congress and president obama if they can't avoid the fiscal cliff. the petition's chances are slim. but it's a reflection of americans' frustration with 28 days left. rob and paula? >> tahman bradley live in washington today. thank you, tahman. >>> and as talks over the fiscal cliff drag on, a new poll finds that most americans do not think very highly of congress. one in t
's just silly now. you've got to be for a tax rate increase or we will go over this fiscal cliff. >> no, you don't. you could raise from a carbon tax of $20 a ton, which will deal with, we are having the biggest record carbon levels. you could raise -- at 4% a year over the next ten year, twice as much as you could from allowing the bush tax rates to lapse. why the income tax system is overburdened in the united states. we use it too much. we should be looking at other taxes. we can't do it in 29 days. why are we doing it in 29 days? >> but the president ran on raises taxes, right? if you look at the polls. 60% of people support raising taxes on people who make over $250,000 a year. how much of a problem is it, david, if the republicans you know, tom coburn said he does not want to raise that tax number. >> the president ran on his first term on opposing a health care mandate. presidents change their minds. the idea that you would do a revenue measure with an eye to basically doing something punitive, when there are much more important policy goals you can achieve and when it's not goin
to accept just rates, they do not want to go off the fiscal cliff, they think they will be blamed. neil: do you get the feeling that i do, this is kabuki theater, and president with his overtured on rate level, and what they would be, now talking about some spending as part of the deal, that was all factored in. he has just been doing it in stages, we'll get a deal. do you think that is going to happen? >> i think it is a responsible approach. we have to get a dial. this is not a democrat issue or a republican issue, this is an american issue, we know we have to cut spending and we know there has to be some solution. at the end of the day we have on grow the economy. only way out of this thing. >> i think we'll get a deal, i'm not convinced to be done before christmas, i think before the super bowl. but -- >> just punt for 6 months. >> it might happen, i was curious with president and mitt romney having lunch, whether obama presented him a bill for lunch, and added a 40% gra % gra on it. neil: they had turkey chili. >> let me tell you. one thing we have to do, i work in my 7 industry, we ha
to go off the fiscal cliff if there is no movement by house republicans. would you be willing to go off the fiscal cliff if they did not budge on the top 2%? >> i did not understand the statement in the way that you characterized it. the way i think -- it was a prediction. if there is no agreement, then the fiscal cliff pass to be dealt with. i did not see it as if they do not do this, we do that. i saw it as a statement of fact. if there is no agreement, we go over the cliff. >> the governor christie is meeting at the white house with the president. this afternoon, as he has a meeting with the speaker. [inaudible] >> christie? i thought you were talking about sandy right now. >> [inaudible] >> i do not know that. i had a meeting with governor cuomo and i met with mayor bloomberg. they showed me the documentation of the challenges they're facing in their communities. they know that i am committed to the social compact the but we have to be there for people in times of natural disaster. one of the first things i -- that happen to me was the earthquake. if you ever want to feel helpless,
, go down the fiscal cliff for tax rates, and adjust the taxes for the 98% through the rebate process. and this could be available for anyone, any president. let the bush tax rates apply as a ceiling, and then apply the rebate process to control the 98%. host: why do you propose that? what is the advantage in your view? caller: because the executive branch, the president, whoever it is, would have the ability to adjust the tax effectively for anyone who falls below the clintons' ceiling, and they could do this anytime. there would not have to go back to congress. -- they would not have to go back to congress. guest: it is true that technically the administration can do some things without even the congress's approval, but it would not be a lasting solution. let's say you could freeze the amount of withholding that you pay three paycheck at the level it was this year, for the 98%, and increase withholdings for everyone else as the law would dictate if you read over the cliff. -- went over the cliff. but the 98%, if they did not actually pass a law to extend the tax cuts for that portio
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